Brexit after 10 years - How the UK economy and politics changed
On June 23, 2016, Britons went to the polls to vote on whether to remain in the European Union. A shocking result emerged overnight: the electorate had voted to leave the bloc by 52% to 48%. The pound fell. London's FTSE 100 index fell. Then-Prime Minister David Cameron, who had called the referendum and led the Remain campaign, resigned.
The UK has been negotiating a deal since then, after Cameron's successor, Theresa May, failed to pass a proposal three times before resigning. Brexit was finally delivered by Prime Minister Boris Johnson in 2020. The pro-Brexit campaign promised to "take back control" of immigration, free up more money for the country's health service and forge trade deals with the rest of the world.
The UK economy has largely failed to experience growth after Brexit, having severed ties with its largest trading partner. While shocks such as the coronavirus pandemic in 2020 and Russia's invasion of Ukraine in 2022 hit global growth, it is estimated that by 2025, Brexit had reduced UK GDP by 6-8%.
The Vote Leave campaign pledged to take back control of the UK’s migration policy, but its departure from the bloc had unintended consequences. The UK now has net migration to EU countries, but migration from non-EU countries has increased due to a lack of job opportunities, a surge in international students and expanded emergency visa schemes in countries such as Ukraine. On the other hand, fewer Europeans are moving to the UK and net migration from the bloc has reversed.
The EU remains the UK's largest trading partner, with over €800 billion in imports and exports. In 2025, the EU accounted for 41% of UK exports and 50% of UK imports. A new trade agreement between the two sides was signed on 1 January 2021, preventing either side from imposing tariffs or quotas.
When Cameron resigned the morning after the Brexit vote, he had been prime minister for six years. His predecessor, Gordon Brown, had been in office for three years. Before Brown, Tony Blair had been prime minister for a decade. Since the referendum, no prime minister has lasted more than three years, and one lasted just 49 days.
Prime Minister Keir Starmer sought to rebuild the country's ties with Europe but resigned on Monday as he faced a leadership challenge from his rival Andy Burnham, paving the way for the seventh prime minister in a decade.
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